Economic inequality

The Spanish government is moving to rein in real estate purchases by foreigners and curb the spread of short-term rentals, part of a series of measures that officials say are necessary to alleviate a painful housing crunch that has rapidly become one of the worst in Europe.

Housing affordability in Sofia has improved since the pandemic, making it one of the few capitals in Central and Eastern Europe (CEE) to experience this positive trend, according to a report by Colliers International.

In the second quarter of the year, the housing price index in Bulgaria increased by 15.1% year-on-year, slightly lower than the 16% rise in the first quarter. Both new homes and existing properties saw price increases, with new homes rising by 15.6% and existing ones by 14.8%.

The Bulgarian real estate market has seen a notable increase in both prices and transaction volume in the past quarter, according to real estate broker Dimitar Kalajjiev in an interview with Radio "Focus." He highlighted that the current demand for properties surpasses the supply, maintaining strong interest in home purchases.

The Municipality of Aegaleo in western Athens is set to renovate up to 10 aging apartment buildings, fully funded by the European Union through the "Rock the Block" initiative. 

The pilot project, part of the European Urban initiative Innovative Action, aims to upgrade deteriorating housing stock while ensuring affordable living conditions for residents. 

Greeks nowadays buy older and more expensive homes, compared to the previous high of the real estate market, in 2008.

The sharp increase in rental prices seems to have already absorbed the government’s latest efforts to solve the housing problem.

The development of private education further intensifies the need to upgrade free education.

Economic stability and ever-growing tourism are set to see the local real estate market maintain its growth in the next few months, while the main problem in the sector is the shortage of affordable housing, according to report on the Greek realty market by the American-Hellenic Chamber of Commerce released on Wednesday.

Having already moved high and upwards in the last two years, the prices of holiday homes in Greece are expected to continue their upward trend in the coming period, as a result of high demand from abroad.